Lying in the wake of the historic Brexit vote as the hardest hit group within the UK housing market is first time buyer group. The number of lenders offering mortgages with 5% deposits has now fallen to a level which is making it quite difficult for the group to find suitable housing. The group of buyers has been struggling in recent years although the government has made special programmes available to assist those in need.

As first time buyers find challenges to entering the market and finding a spot on the first rung of the ladder, those house owners looking to remortgage have found a more favourable climate. Remortgages are now being offered with extremely low interest rates along with low administration costs. The number of house owners looking to remortgage fell slightly as the date of the referendum drew near. But following the vote, the number of house owners remortgaging has blossomed and increased.

Simon Crone, commercial director at  AmTrust, commented on the latest research to surface, saying: "This will exacerbate fears that homeownership levels are in long-term decline because of the challenges first time buyers face in accessing the market.

"Failure to support first time buyers will impact the wider housing market by preventing people from moving up the housing ladder."

In order for the market to move forward in a positive direction and impact the massive shortage which is looming for the upcoming years, first time buyers must be able to find avenues to join the housing market. Government schemes are making a difference and will continue to do so.